Interest Rate: The Last Six Months
Of Federal Activity

About

This Report

This is a computer-generated report that shows all of the federal activity with respect to the keyword "Interest Rate" over the last six months. This is a demonstration of the power of our government relations automation software.

Hansard

House: 19 Speeches
Senate: 9 Speeches

House Senate

Bills

Active: 0

Regulations

Filed: 2
Proposed: 0

Regulations

The House

Mr. Joël Godin (Portneuf—Jacques-Cartier, CPC)

December 6th
Hansard Link

Oral Questions

“...stors: the infrastructure bank. It offers foreign developers a risk-free guarantee by paying a high interest rate with Canadians' money. It is just one more thing that does not work.

When will t...”

Mr. Pat Kelly (Calgary Rocky Ridge, CPC)

November 29th
Hansard Link

Government Orders

“...as been humming along strongly since. They inherited a booming American economy. They inherited low interest rates. They inherited a housing boom in Canada's two largest housing markets. None of these things were things they should have counted on, yet even with all these advantages, they have not been able to keep their own promise. Take away any one of these advantages, and their fiscal situation will deteriorate very quickly.

Rising interest rates will have a negative impact on Canadians who are already deeply in debt, and they will affect the government's budget as well. Government borrowing competes with private borrowing, driving up consumer interest rates and inflation. The government is not prepared for a shift to historically normal interest rates. Significant portions of the national debt will mature in the next few years, and the...”

Hon. Pierre Poilievre (Carleton, CPC)

November 28th
Hansard Link

Oral Questions

“...e coming crisis.

Now, we are still seeing problems in the energy and auto sectors, increasing interest rates and potential upcoming crises.

How much of our national debt has the Prime Mini...”

Mrs. Cathay Wagantall (Yorkton—Melville, CPC)

November 26th
Hansard Link

Government Orders

“... rising debt and annual deficits way beyond what were promised. We have rising inflation and rising interest rates. Billions of dollars of investment are being lost in Canada. There is a crisis in our...”

Hon. Pierre Poilievre (Carleton, CPC)

November 21st
Hansard Link

Routine Proceedings

“... sector in Vancouver and Toronto, which has poured more revenue into government coffers; record low interest rates, which make debt more affordable temporarily. All of these factors are out of the government's control but have, through the goddess Fortuna, rained money on the current government, $20 billion of additional revenue, I am pleased to report to the House.

The Prime Minister took that $20 billion and did the responsible thing. He put it against our national debt. He saved it up for a rainy day. He reinforced our foundation against forthcoming storms. I am kidding. He blew every single penny of it, and it was not enough. On top of that windfall, he had to spend $20 billion more.

We are told to take comfort in the debt-to-GDP ratio. All ratios have numerators and denominators. With the Prime Minister lecturing us all about the need to teach us all in the House, as his pupils, he should actually know that. The reality is that the only way for that debt-to-GDP ratio to decline is if inflation and GDP are constantly going up. I just pointed to the factors that the government admits have led to the windfall of revenue before us. That can only continue as long as the world factors, which are out of the government's control, continue on at this pace. (1630)

In other words, if a crisis of any kind, another international financial recession, a massive problem with international security, a natural disaster or any other such kind of difficulty, led to the compression of the denominator, then we would face a crisis in the nation's finances. In that crisis, the Liberal government, if it were to keep its promise, something that none of us believe it would ever consider doing, would then be in a position where it would have to raise taxes or cut spending at a time when the economy needs the opposite. Therefore, the Liberals are putting our future in a reckless state of danger by spending our tomorrow on their today.

The second consequence of these growing deficits is this. When governments spend more than they have, they compete for scarce goods and services, which drives up inflation, making the cost of living more and more expensive. We have seen inflation reach nearly 3%, the upper end of the Bank of Canada's range of acceptable levels of consumer price index increases. That is in part, I believe, because the current government is overspending, increasing demand with unnecessary government spending, pouring money into the purchase of the same goods and services that Canadians have to compete for.

Furthermore, when governments borrow, they have to sell bonds. When those bondholders purchase the bond, they get interest in return for it. Why would they lend money to a Canadian homeowner for 2.5% when a rapidly borrowing government will give them 2.75% or 3%? The answer is they would not. That is the reality of the credit markets. When governments borrow, they compete with Canadian consumers and homeowners and drive up the cost of interest on those same people. In other words, while Canadians face record household debt, the government's insatiable appetite for debt is actually making that problem worse, not just in the future but here in the present.

Speaking of the future, we all know that debt today means higher taxes tomorrow. The Parliamentary Budget Officer has indicated that the cost of borrowing for the Government of Canada will rise by two-thirds, to almost $40 billion, over the next four to five years. That is almost as much as we transfer to the provinces to fund our entire health care transfer. In today's update, the government admits that the cost of borrowing is going up. For the first half-year, the increase in the borrowing cost has been 14.3%. That is the combined result of growing deficits and higher interest rates. In other words, at this pace, there will be a massive wealth transfer from working-c...”

Hon. Pierre Poilievre (Carleton, CPC)

November 6th
Hansard Link

Government Orders

“...e, the world and U.S. economies are roaring. Two, oil prices have gone up by more than 100%. Three, interest rates, which are not controlled by government, are at near record lows. Four, there has bee...”

Mr. Gérard Deltell (Louis-Saint-Laurent, CPC)

November 6th
Hansard Link

Government Orders

“... week for all Canadians. Gone are the days of running deficits without a care in the world, because interest rates are rising and could rise even further over the next year.

We also know that in...”

Mr. Pat Kelly (Calgary Rocky Ridge, CPC)

November 6th
Hansard Link

Government Orders

“...een lucky. The Liberals walked into a stronger than expected world economy. They have been lucky on interest rates. They have been lucky on real estate inflation. They have been lucky to receive anoth...”

Mr. Gérard Deltell (Louis-Saint-Laurent, CPC)

November 6th
Hansard Link

Government Orders

“..., Stephen Poloz, made it clear that playtime was over last week when he announced that after modest interest rate hikes, we should get used to the idea of a minimum interest rate of 3%, or potentially higher.

This warning sign should to be taken into account ...”

Hon. Navdeep Bains (Minister of Innovation, Science and Economic Development, Lib.)

November 5th
Hansard Link

Oral Questions

“...t project, for example, could help the Bank of Canada look at how to make monetary decisions around interest rate policy. This helps around the consumer price index and to make sure that individuals g...”

Hon. John McKay (Scarborough—Guildwood, Lib.)

November 2nd
Hansard Link

Government Orders

“... inflation is largely under control. That is entirely due to the stewardship of the Bank of Canada. Interest rates are creeping up, which creates some situations where debt, particularly private debt,...”

Hon. Pierre Poilievre (Carleton, CPC)

November 1st
Hansard Link

Government Orders

“...e is higher by about $20 billion because of factors outside of the government's control: record low interest rates, higher than usual oil prices, a booming U.S. economy, a stronger than normal world economy, a housing bubble, which is slowly coming to an end in Toronto and Vancouver, all of which generate more revenue for the government. In other words, good fortune has fallen out of the sky onto the government's lap. The Liberals admit that in their own financial documents.

If they have an out-of-control deficit that is three times the size they promised in times of good fortune, how big will the deficit become when the luck runs out? The Liberals have not answered that question. I have asked the finance minister, at times painfully, 14, 15, 16 times in one committee session, when the budget will be balanced. He utterly refuses to answer. The Liberals have not told us under what conditions would a government ever balance a budget.

It does not matter what one's economic philosophy is, everyone agrees that there should be some point in the business cycle when the budget is balanced. I believe we should ascribe to have a balanced budget all the time, but even if one is a Keynesian economist, one ought to believe that at least when the world economy is roaring and commodity prices are high and interest rates are low, at that point in an economic cycle, for God's sake, the government ought to ...”

Hon. Kevin Sorenson (Battle River—Crowfoot, CPC)

November 1st
Hansard Link

Government Orders

“...sehold debt increasing in this way, especially as we see our Governor of the Bank of Canada raising interest rates.

We should be very concerned about these statistics, and equally concerned abou...”

Hon. Kevin Sorenson

November 1st
Hansard Link

Government Orders

“..., if we are spending this much money when we are in an economy that is expanding, what happens when interest rates go up, and what happens should we fall into another downturn or recession? Can the go...”

Mrs. Cheryl Gallant (Renfrew—Nipissing—Pembroke, CPC)

November 1st
Hansard Link

Government Orders

“...t has failed to resolve even after selling out Canadians with the failed NAFTA negotiations, rising interest rates, and the massive hike in taxes that is coming with the new carbon tax, the line-up at the border is only going to get longer.

Bill C-86 should have been a plan to control government spending. The fiscal policy of the government, which has been essentially to keep spending levels and deficits elevated until1 at least after next year's federal election and beyond, is not sustainable. The Liberal Party has been taking on debt for little gain.

Thanks to the spillover effect of a booming American economy, our economy is running at capacity, but rather than directing the Bank of Canada to raise interest rates to slow our economy, a faster drawdown on deficits would ease pressure for rate hikes. This would help the country's most indebted households, who are disproportionately young urban families with huge mortgages in places like Toronto. An Environics Analytics study has already calculated that rising interest rates will squeeze out of households an extra $2,516 each year. Add higher mortgage payment...”

Mr. Gérard Deltell (Louis-Saint-Laurent, CPC)

October 31st
Hansard Link

Oral Questions

“... Speaker, the inevitable happened. Yesterday, the Governor of the Bank of Canada indicated that low interest rates are a thing of the past, that interest rates will rise, and that Canadians will have to live with that. Unfortunately, over the pa...”

Mr. Joël Godin

October 5th
Hansard Link

Government Orders

“...y are there so many deficits? Why are they spending irresponsibly? It is going to be great fun when interest rates begin to rise and we are hit with an economic crisis. Where are the oxygen and the sp...”

Ms. Jenny Kwan (Vancouver East, NDP)

October 2nd
Hansard Link

Routine Proceedings

“...esperately in need of an alternative to payday lending. We know, in our communities, that often the interest rates offered by payday lenders are exorbitantly high. Many of the people who are most marg...”

Hon. Pierre Poilievre (Carleton, CPC)

September 28th
Hansard Link

Government Orders

“... that amount will rise to $40 billion, a two-thirds increase in just a few years, as debt rises and interest rates rise simultaneously to have a compounding effect of transferring more and more wealth...”


The Senate

Hon. Art Eggleton

September 25th
Hansard Link

Bankruptcy and Insolvency Act Bill to Amend—Second Reading—Debate Adjourned

“...ature of their business is risk and, routinely, credit risk is addressed through loan pricing — the interest rates which lenders charge. Why should pensioners be forced to carry this credit risk inste...”

Senator Bellemare

September 25th
Hansard Link

Relevance of Full Employment Inquiry—Debate Concluded

“...or those responsible for setting monetary policy may react and slow down economic growth by raising interest rates for fear of seeing salaries and prices increase too much. Currently, in a number of r...”

Yves Giroux, Parliamentary Budget Officer Nominee

June 20th
Hansard Link

Parliamentary Budget Officer Yves Giroux Received in Committee of the Whole

“...conomy, including setting and achieving budgetary goals, projections of economic growth, inflation, interest rate, and job growth, government spending, cost cutting exercises, changes to the tax regim...”

Hon. Pierrette Ringuette

June 19th
Hansard Link

Criminal Code Bill to Amend--Third Reading--Debate Continued

“... loans that hit those who have the least ability to pay but, ironically, must deal with the highest interest rate. High interest on some student credit cards, excessive late charges on others and instalment loans, et cetera, are examples, and even some phone companies charge 59.99 per cent on late payments. I acknowledge that there are differing opinions on this. All committee members agreed that 60 per cent was too high. Then, honourable senators, it was a little bit like “The Price is Right” at our committee. “Higher, Bob. No, lower, Bob. No, higher, Bob.” Finally, Senator Tannas played Vanna, and the bill was amended to a rate of 45 per cent with a three-year review period. I am very pleased with the addition of the review mechanism. I believe it will be useful to maintain a reasonable rate. On the specific level of the rate, while I am encouraged with the support for lowering the rate, I am happy to have this debate on what the right level should be. I do believe that a rate of 45 per cent is way too high. I will propose an amendment, at the end of my speech, to lower it to a rate of 35 per cent, which I believe to be a reasonable compromise for the next three years. Honourable senators, why do we need to lower the limit? The Bank of Canada has recently reported that high household debt remains an elevated vulnerability to the Canadian financial system. That is particularly true for low- and middle-income Canadian families. According to Statistics Canada, current household credit market debt is equal to 168 per cent of household disposable income. It has dropped slightly in the last two years but remains way too high if an economic crisis arises. This is an issue of economic stability for our country. It is also an issue of those who can least afford to pay are hit with the highest rates, perpetuating a cycle of debt that is hard to get out of and putting pressure on our social support systems, be they federal, provincial or municipal. Nearly half of Canadians, according to Ipsos Reid, are $200 away from insolvency after paying their monthly bills. A sudden financial crisis, such as a car or a house repair, medical prescriptions for a child or the elderly, can start a spiral of debt they cannot get out of. Meanwhile, the big five banks earned $10.6 billion profit in the second quarter alone. That is up 11 per cent from last year. The same level of profit increase, year to year, has been maintained for the last decade. These same big banks have been reducing their presence in many localities and neighbourhoods, closing 1,800 branches in the last two decades, tightening their risks and eliminating our poorest families from their customer list. No other Canadian sector is provided federal status guarantees for customer deposits or business loans. This privilege should be accompanied with strong corporate citizenship. However, it seems that, on the other hand, the banks view their corporate citizenship only if it is accompanied by high-level publicity, i.e., directed at their targeted customer. Therefore, in my perspective, these national banks are more interested in catering to the big boys than providing for their original calling, the federal charter, of being the banking system for all Canadians, not just a select few. Honourable senators, there are several reasons I believe that a rate of 35 per cent is right. First, in the early 1980s, interest rates were very high. The bank rate reached 21 per cent in 1981. Those who have mortgages will remember that. It was during that period that the federal government included interest rates of 60 per cent in the Criminal Code. (2150) With a criminal rate of 45 per cent, as amended by the committee, plus 21 per cent as the overnight rate — 21 per cent in 1981 — the criminal rate would be 66 per cent, higher than the rate in the current Criminal Code. Now, it may be that we never see these rates again — and I certainly hope so — but I think it is important to note that, looking at it historically, 45 per cent puts us in a position of possibly increasing the criminal rate above its current level in the future. Another reason is that it would be consistent with the rate limit imposed in Quebec. While other provinces, except Newfoundland, have taken advantage of the payday loans exemption to set short-term rates in the vicinity of $15 per $100 for two weeks, Quebec has taken a different approach and will not provide a licence to businesses unless they agree to keep rates under 35 per cent. This is not a legislated rate cap but, rather, is imposed by the government’s power to regulate licences, since the power to set interest rates is a federal constitutional power. Section 8 of the Consumer Protection Act in Quebec provides that: The consumer may demand the nullity of a contract or a reduction in his obligations . . . where the obligation of the consumer is excessive, harsh or unconscionable. This has been used by the Quebec courts, and, through this, the rate of 35 per cent was reached. It is important to note here that this means that a cap of 35 per cent has been court tested, and it has been determined, generally, that rates above this are unconscionable. In Quebec, this applies to loans under their licences, as in lease to own and all retailer loans, not just payday loans. Quebec provides a good example of how a system like this can be effective. The financial system has not collapsed in Quebec. People can obtain loans, and alternative options have arisen for short-term loans to those in need, for example, through Option consommateurs. Another reason for 35 per cent is that, in 2005, this very chamber approved this rate in Bill S-19. In 2005, we approved a 35 per cent criminal rate in this chamber, plus the Bank of Canada overnight rate. This bill was passed by the Senate but did not pass second reading in the other place because of an election. The bill received support from both parties in this chamber and the Banking Committee as they existed at that time. I also have a report that supports a rate of 35 per cent. This is a document from the National Consumer Law Center in the United States. I have had it translated and will distribute it to all senators, in both official languages, by email, as soon as I get to the office, I hope. The report is called Why 36%? The History, Use and Purpose of the 36% Interest Rate Cap. Now, I understand some of you may have noticed that this report says 36 per cent, but, considering the previous two reasons for 35 per cent, I believe rounding down one percentage point is appropriate. Plus, my bill, Bill S-237, adds the Bank of Canada overnight rate for flexibility. This report — and I strongly recommend that you take some time to read it — goes over the history of the interest rate cap in the United States and why 36 per cent is a generally accepted rate cap. The report is largely concerned with small-dollar and short-term loans. In Canada, we have carved out a specific niche for provinces to limit payday loans, specifically, a loan of $1,500 or less for a term of 62 days or less. As recent court cases have shown, this is a limited carve-out, and so the criminal rate remains important in this respect as well because it applies to all other financal products that are greater than the combined $1,500 for 62 days. To quote from the U.S. report: Interest rate caps are more than numbers: they are reflections of society’s collective judgment about moral and ethical behavior, as well as business and personal responsibility. Another quote from that report: Interest rate caps also reflect an assessment about the upper limits of sustainable lending that doe...”

Hon. Scott Tannas

June 19th
Hansard Link

Criminal Code Motion in Amendment

“...entian Bank Visa DOLLARS credit card. This is a standard credit card; it is not a premium card. The interest rate is 20 per cent, and the annual fee is $65. If a cardholder makes a purchase of $2,000 on this card and pays it back two months later, under the Quebec calculation, that would be 20 per cent interest, which would be legal. Under Senator Ringuette’s amendment, as it stands, it would be 39 per cent and illegal. In fact, the President of the Laurentian Bank could be handcuffed and sent to jail. That is the difference between the apples and oranges that we’re talking about. That’s one reason I’m troubled by the 35 per cent. At the committee, we took into account a number of considerations when we voted to set the criminal rate at 45 per cent. We heard testimony and agreed that the way it sits right now for the criminal interest rate, this is not the right statute to try and fine-tune and oversee this industry in Canada. This is a blunt tool that is meant to hammer people over the head. This is not the right way to fine-tune it. It was crystal clear to us that this industry needs significant regulation. Someone needs to be watching over what is going on. I was ashamed. I am one of the few living founders of a chartered bank, which I don’t own anymore so I have no conflict, but it is shameful what is going on at the edges of the financial loan industry in this country. Poor people are paying the bill. What is worse is that it’s poor people with integrity who are paying the bill because they are paying the interest rate while others borrow the money and don’t repay it, which is why the interest rate has to be so high in the first place. This issue definitely needs further oversight. We heard testimony that dropping the rate at this stage below 45 per cent could potentially suddenly dislocate customers who today rely on these loans. We have an interest rate at 60 per cent today. And we heard testimony from lots of folks that they are right up there at 59.9 per cent and doing a wonderful service for Canadians. A number of us did not buy that. But there were a number of more legitimate lenders that had large customer bases that were making, by their description — and, frankly, I believe them — a modest return at 45 per cent. We felt it would be risky for us to wade into the Canadian financial services industry with a blunt instrument and start dislocating customers from their access to credit, however faulty it is. We felt that 45 per cent was a start; it’s 15 per cent lower than it is today. We felt that it would help signal a change. It would bring some light to this issue with the government, who should be acting on this. We went one step further and said, “Let’s review this in three years.” If the government ignores it, we would come back to it. I think there was a will around the committee that if they ignore this bill over on that side, we will revisit this because, in our view, what is going on is not good. I want to leave you with a couple of other thoughts. As Senator Ringuette said, and she is quite right, the 60 per cent was set when the risk-free interest rate in Canada was 17 per cent. You could buy a Canada Savings Bond for 17 per cent. So if you wanted to make the dodgiest loan to the dodgiest customer, 60 per cent was maybe okay. But when the risk-free rate now is in the low single digits, 60 per cent can’t possibly be justified. However, we didn’t want to repeat the same mistake that they made in 1982 and put a number that was too low because we are clearly on our way up for interest rates. We are probably at the total opposite of where we were in 1982 with respect to interest rates. It was moderation, but a meaningful step, that the committee agreed to 45 per cent. ...”

Senator Lankin

June 19th
Hansard Link

Criminal Code Motion in Amendment

“... and neighbourhoods. I had the opportunity to speak last week, and I spoke about the history of the interest rate within Canada, but also within the U.S. The 36 per cent rate that they have landed at there is the appropriate rate. I find it interesting that the Canadian banking industry — and if you talk about the “Big Five,” many of them own operations in the U.S. BMO Harris Bank and TD have operations. Scotiabank is primarily in the Caribbean. I am sorry; I am coming to the question right now. These banks are complying with that 36 per cent interest rate or variations on it, depending on the state, in their jurisdiction. Did you look at th...”

Senator Tannas

June 19th
Hansard Link

Criminal Code Motion in Amendment

“... out $250 at an ATM and then paid it back in a month, you pay the $3.50 ATM fee and the 20 per cent interest rate on a month, which equals 37 per cent. That’s the issue. These are not the egregious on...”

Senator Ringuette

June 19th
Hansard Link

Criminal Code Motion in Amendment

“...e last decade. Coming back to the issue of 36 per cent, the same court judgment with respect to the interest rate and the fees attached to any kind of contract or paperwork, the banks in the U.S. have not ruled differently on this issue from the banks in Canada and the banks in Quebec. The Province of Quebec has decided that within their jurisdiction their way of providing some consumer protection is by the licensing of businesses. At the end of the day, I don’t buy the argument that we have to take into consideration the fees and that 45 per cent, at a time when the Bank of Canada rate is at 1.25 per cent, is good. At any Canadian bank right now, with a customer line of credit and no guarantee whatsoever, you can get a rate of 8.36 per cent. Why should the poorest of our poor Canadians have to say that they need a loan right now because they need to pay for a prescription for their kids or put gas in their car to go to work, for $12 an hour? Why should we be the ones to decide that what is most important in our line of thinking is the payday loan industry? Just Google “payday loan.” You will have at least 76 different entities operating in Canada, physically and online. I agree with Senator Tannas that no one — not the provincial or federal governments — is looking into this issue. It’s very nice to talk about the working poor and raising the standard of living in Canada, but these are day-to-day issues. And the only way we can deal with this issue is through the Criminal Code, because that is the only place where the Government of Canada issues an interest rate. That is the only means we have. (2220) So I certainly agree with Senator Tannas that ...”

Hon. Elizabeth Marshall

June 18th
Hansard Link

The Estimates, 2018-19 Main Estimates—Thirty-first Report of National Finance Committee Adopted

“...last year. The increase is attributable to an increase in government debt as well as an increase in interest rates. Honourable senators may recall that the government’s platform in 2015 committed to modest deficits and a balanced budget in 2019-20. This promise has long been forgotten and deficits are projected well into the future. The deficit for this year is projected to be $18 billion and government estimates that it will need to borrow $35 billion in addition to the refinancing of maturing debt. Last year, the Borrowing Authority Act was enacted, establishing a limit on outstanding government and Crown corporation market debt in the amount of $1.168 trillion. Outstanding government and Crown corporation market debt in 2018-19 is projected to be $1.066 trillion, about $100 million less than the legislated maximum. This includes $755 billion relating to government and $311 billion relating to Crown corporations such as CMHC, the Export Development Corporation and the Business Development Bank of Canada. To summarize, statutory payments include interest on government’s debt and interest expenditures are projected to increase as the debt increases and as interest rates rise, from $24 billion in 2017-18, to $26 billion in this fiscal year; then to $28 bi...”


Filed Regulations

Order Designating Newfoundland and Labrador for the Purposes of Section 347.1 of the Criminal Code: SOR/2018-257

November 23, 2018 SOR/2018-257
CRIMINAL CODE
Gazette Link

“... address these concerns by implementing legislative measures to regulate the industry and protect recipients of payday loans. As the effective annual interest rate for these loans often exceeds the criminal interest rate of more than 60% per year, the province’s Lieutenant Governor in Council has asked the Governor in Council to designate the provin...”

“...gnation process

The designation process plays an important role in determining whether section 347 of the Criminal Code, the criminal interest rate provision, and section 2 of the Interest Act will apply to certain payday loan agreements. Section 347 of the Criminal Code makes it an offence to enter into an agreement for, or receive payment of, interest at an effective annual interest rate exceeding 60%.

Under section 347.1 of the Criminal Code, a payday loan agreement will be exempt from section 34...”

“...ic consultations, took place over a period of nine years leading up to the development of Bill C-26, An Act to amend the Criminal Code (criminal interest rate) [S.C. 2007, c. 9]. Bill C-26 came into force upon receiving royal assent on May 3, 2007, and added section 347.1 to the Crimi...”


Cannabis Regulations: SOR/2018-144

27, 2018 June
FOOD AND DRUGS ACT CONTROLLED DRUGS AND SUBSTANCES ACT CANNABIS ACT
Gazette Link

“... the date on which it was provided and the terms and conditions under which it was provided, and if the money was provided in the form of a loan, the interest rate and term, and (ii) if they provided goods or services directly or indirectly to the holder, a description of the goods or servi...”

“...ed, the date on which it is provided and the terms and conditions under which it is provided, and if the money is provided in the form of a loan, the interest rate and term, and (ii) in the case of goods or services, a description of the goods or services, their fair market value at the tim...”


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